07:37 AM EDT, 09/16/2024 (MT Newswires) -- Green Thumb Industries Inc. ( GTBIF ) , a national cannabis consumer packaged goods company and owner of RISE Dispensaries, on Monday announced that its board has authorized a US$50 million share repurchase program.

According to a statement, the repurchase program authorizes, pursuant to a normal course issuer bid, the repurchase of up to 10,573,860 of its Subordinate Voting Shares from time to time over the next 12 months. Under the company's previous repurchase program that expired on September 10, 2024, Green Thumb repurchased 6.5 million shares for $73.3 million.

"We continue to believe in the value-creating nature of share buybacks done at attractive prices," said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. "This buyback program provides greater flexibility to use our cash reserves to repurchase more shares should the opportunity present itself. We love our balance sheet, particularly in light of the recent refinancing, and remain open to strategic M&A, capital expenditures into the business and unique investment opportunities."

The repurchase program will commence on September 23, 2024 and expire on September 22, 2025. Green Thumb is not obligated to purchase any shares.

The company said it does not expect to incur debt to fund the share repurchase program. The actual number of shares purchased, timing of purchases and share price will depend upon market conditions at the time and securities law requirements. All shares acquired will be returned to treasury and cancelled.

GTII last traded up $0.08 at $14.05 on the Canadian Securities Exchange.